UK savings down in autumn, survey reveals

Statistics show Britons saved less money this autumn than in previous years, although that downward trend may be reversed in 2011, in news which could be of interest to those with private wealth.

The figures, produced by National Savings and Investments (NS&I), revealed people in the UK are putting away an average of £82.92 per month, down from the same time last year when the figure was £88.65.

Despite this being the lowest level recorded in autumn since the survey began in 2004, almost a quarter of respondents said they would be more likely to save in 2011.

Currently, 50 per cent set aside money every month as savings, down from 52 per cent over the summer.

NS&I savings spokesman Tim Mack said the autumn drop could be explained by the extra expenditure around Christmas and maintained the outlook for next year is positive.

"Many people appear to be approaching the New Year as an opportunity to review their finances and start 2011 on the right track," he added.

A recent article in the Daily Telegraph suggested savers would be better off putting their money into stocks and shares rather than traditional savings accounts. ADNFCR-2318-ID-800303157-ADNFCR